As from the beginning of this financial year many changes keep up on as departments were strict now, now a another strict decision was taken by income tax department as huge amount of penalty is levied by the department for late filling of income tax return.
IF return will filled before July 31st then this was best in favor of assesee .
because the post filling from due date of income tax return the amount should be maximized upto rs 10000.
the new system for late filling penalty of income tax return is as mentioned below
* If you filled your income tax return before 31st July the penalty will be nill.
* If you file your return after the due date (31st July) but before 31st December then the penalty will be rs 5000.
* But if you file you return post 31st December but before the end of the financial year 31st march 2019 the penalty will be rs 10000.
* But on the same hand income tax department allow relief to small tax payer the assese whose income is below rs 500000 the maximum penalty will be rs 1000.
Reduction in period for which revised return can be filled.
As earlier any assese if make any mistake in filling income tax return then he/she can revise his return till next two year. But from now the assese is allow to revise his return till 31st march of the same year as for assessment year 2018-19 the assese can revise his return upto 31st march 2019.